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This is reported by the Sddeutsche Zeitung, which cites an opinion from the insolvency administrator Michael Jaff, which he presented to the Munich district court this week.
The insolvency administrator puts the group’s debt at 2.8 billion euros. Debts in the amount of more than 3.2 billion euros are compared to assets of 428 million euros. Wirecard is suspected of having invented bogus business. In the remaining, actual business, the minus should have been a total of 750 million euros since 2017.
According to the expert report, the insolvency administrator found only 26.8 million euros in freely available bank balances after the bankruptcy. The liquidity gap amounted to 99.17 percent, according to the newspaper in the report. Accordingly, only a few of the more than 50 group companies worldwide had “even their own income”. The payment service provider lived from the loans from banks and investors. Before the bankruptcy, Wirecard used 10 million euros per week. This summer, according to its planning, the group would have spent 200 million euros more than it received within 13 weeks.
Jaff describes the structures of the group of companies as “completely non-transparent”. In the headquarters in Aschheim there was no summarized information about organizational responsibilities, the activities of the individual companies, payments within the group and other areas. All of this first had to be “elaborately worked out”. “The structures of the group were not designed for transparency.”
A spokesman for the insolvency administrator could not be reached on Thursday evening for a statement.
The Wirecard share had already given way in official XETRA trading. In the aftermath of Tradegate trading, it has now lost a further 0.77 percent to EUR 1.03 and is thus moving ever closer to the EUR 1 mark.
FRANKFURT (Dow Jones)
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Image sources: Wirecard AG